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Scam alert: IRS impostors target college students

After ripping off the elderly and immigrants, con artists put together a new twist on an old scam to trick college students into thinking they need to cough up cash to cover a "federal student tax."<p>No such thing. No one owes any money for a "federal student tax" because there is no such tax. But …

Identity Theft

Loss accounting rules should not hurt small banks: U.S. regulators | Reuters

WASHINGTON (Reuters) - Satisfying new accounting rules for bad loans should not be a burden for small banks, U.S. banking regulators said on Friday.<p>One hundred dollar notes in a photo illustration. REUTERS/Lee Jae-Won<p>The Financial Accounting Standards Board this week set a new framework for …

9 Tax Things You Absolutely Must Chat With Your CPA About

Many people only visit their accountant once a year. Business owners, however, generally speak with their tax professional much more. So, how does an individual investor weave through the maze of deductions and create a tax plan? It starts with having an open and comfortable relationship with your …

Is an Accounting Background important to CFOs?

Over the years, I’ve had many discussions with public-company CFOs that went something like this:<p>Me: <i>So tell me about your background.</i><p>The CFO: <i>I came</i> …

CFOs

Forget The Panama Papers, Use The United States As A Tax Haven

The recent revelation of what are being called the “Panama Papers” highlights the poor advice individuals receive, irrespective of country. Key to characterizing things as poor advice for non-US persons is the recognition of the most overlooked tax haven in the world: the United States.<p>In this …

3 Ways the IRS Pays You to Save

Saving for retirement and other long-term financial goals can be extremely hard, and the fact that the IRS taxes your income is one reason why many Americans don't have enough left over to save. However, what many people don't know is that the IRS will actually <i>pay</i> you to save, and those of all …

Five Technologies That Will Disrupt Healthcare By 2020

<i>Frost & Sullivan’s Transformational Health program provides insight on the growth opportunities driven by innovative healthcare technology</i><p>The healthcare landscape is changing exponentially and the following technologies are expected to have far-reaching implications in terms of diagnostics, …

Digital Health

States fight surge in fake tax filings from identity thieves

For the first time, the Kentucky Revenue Department this year is asking taxpayers to wait.<p>Kentucky and other states are becoming more forthright, …

Is Your Tax Return Audit Bait?

IRS uses a closely guarded computer program to compare various numbers on a return, looking for aberrations<p>With tax day nearing, you may be wondering what triggers an IRS audit.<p>The short answer: It often takes more than it has in the past. In fiscal 2015, which ended Sept. 30, the Internal Revenue …

Tax Preparation

How $15 Billion in Corporate Taxes Disappeared, and Left All of Us Holding the Bag

When Congress lets big corporations and rich individuals pay less than the law says they owe, they subtly shift the burden of supporting our …

How a 'CEO' scammed everyone by laundering money through China

ASHDOD, Israel — Gilbert Chikli was rolling in money, stolen from some of the world's biggest corporations.<p>His targets: Accenture. Disney. American …

3 Ways You Can Do Your Taxes for Free

For many people filing taxes involves an expensive trip to an accountant, a visit to a company specializing in the area, or the use of software which comes with its own costs.<p>There are however a number of ways to do your taxes for free. The choices vary based on income, but every American can file …

9 Things To Do If You Can't Afford Your Tax Bill

If you’re crunching the numbers for your March and April budget and find that you don’t have quite enough leftover to cover your tax bill, don’t panic.<p>Whatever the circumstances that got you into this unfavorable situation, the good news is that you have options. Here are a few:<p><b>File and pay as much</b> …

IRS Commissioner Admits Defeat - Due To Budget Squeeze IRS Now Poised To Lose $5 Billion Per Year

Gone are the days of sophisticated tax plans offered by international accounting and law firms to their wealthiest clients which the IRS, with the benefit of hindsight, categorized as “tax shelters”. So why is Commissioner Koskinen raising the flag upside-down in a signal of distress in March of …

Economists Explain Why Our Economy Crashes Every 18 Years

The U.S. economy has moved according to a set cycle for close to 200 years, and experts warn that if this pattern continues, we can expect another …

Want to Pursue CPA Career? Get a Tax Course

Although certified public accountants already make good salaries, have good employment benefits, and enjoy numerous opportunities, know that there …

U.S. Government

What the Heck Is Form 1095-C?

IRS Form 1095-C, "Employer-Provided Health Insurance Offer and Coverage Insurance," is a new document that your employer may send you this tax …

Health Care

Investors' new worry: Questionable accounting

There's nothing like a slowing economy to expose accounting problems.<p>Energy company <b>SunEdison (SUNE)</b> this week warned it found problems in its accounting resulting in the delay if its annual report. SunEdison's warning comes just one day after struggling drugmaker <b>Valeant (VRX)</b> said accounting …

IBM Watson enters ‘Big Four’ accounting firm duel for A.I. dominance - New York Business Journal

By Michael del Castillo <br>– Reporter, New York Business Journal<p>Mar 8, 2016, 12:30pm EST<p>Artificial intelligence has long been thought of as a …

Artificial Intelligence

The top 10 ways to avoid a tax audit

But at the same time, we want to minimize our chances of an audit. And that's a sound goal.<p>The reason is that, as you might imagine, an audit can be expensive and time-consuming, not to mention emotionally draining. Here is a list of the top 10 things <i>to</i> do, and <i>not</i> do, in order to avoid an audit. …

Accounting News Roundup: KPMG Fired Over Going Concern and How Not to Deal with the IRS | 02.24.16

<b>Ceres fires KPMG over financial report</b> [PBT]<br>Going concern opinions in audit reports are becoming more rare and situations like this one might — …

FASB Issues New Lease Accounting Standard

The Financial Accounting Standards Board (FASB) released the final version of its updated lease accounting standards. The standards have been under …

BREAKING: US government releases its 2015 financial statements

Hot off the presses, the US government just published its audited financial statements this morning, signed and sealed by Treasury Secretary Jack …

Big Four accountancy firms muscle into consultancy | Financial Times

The consulting arms of the Big Four professional services firms continue to grow faster than the wider market, in a sign that their investment beyond …

Financial Services

Accountants vs. Tax Preparers

Professional accountants are well regarded for their prowess in helping with tax matters, but dedicated tax preparers also offer their services to taxpayers looking for help in preparing their annual tax returns. Knowing the difference between these two types of tax professionals is useful in …

Warren Buffett Attacks Wall Street Over 'Phony' Earnings

Warren Buffett thinks more and more companies are faking it, and Wall Street is helping them do it.<p>In his annual letter to shareholders, which was …

IRS hack may have affected over 700,000 people

In May of last year, we reported a story that hackers had stolen sensitive tax information from over 100,000 taxpayers. By August, the IRS had revised its estimate to report the number affected may have been as high as 330,000.<p>Today, in its latest revision, the IRS claims that the number could be …

Warren Buffett lambasts Donald Trump for talking down US economy

The billionaire investor used his annual letter to say why babies being born in the US are the luckiest ever and how he expects to live to 100<p>Warren Buffett has used his annual letter to Berkshire Hathaway shareholders to lambast presidential candidates who talk down the nation’s economic future as …

Donald Trump

Hillary Clinton's Income Tax Brackets: How Much Would You Owe?

Image source: Hillary Clinton.<p>With a few key caucuses and primaries now in the rearview mirror, the field of presidential hopefuls that once stood at nearly two dozen has been whittled down to nearly a half-dozen. This election season, which is on the verge of kicking into high gear, serves as …

Fraud Allegations At Liberty Tax Franchises Raise Questions

Earlier this month, the Department of Justice asked a federal court to shut down a South Carolina Liberty Tax Service franchise owner for his role in preparing false income tax returns. The owner, Christopher Paul Haynes of Irmo, South Carolina, is accused of deliberately falsifying information on …